Monday, September 29, 2008

Background on the Financial Crisis

For anyone who needs some background on the current financial crisis – and why I'm so convinced that this "bailout" is bailing all of us out – please check out these stories from NPR.

The first show was produced by This American Life back in May: The Giant Pool of Money. It explains where all the money for these mortgage backed securities came from, and why it's so scary that it's now all dried up.

The next story was produced more recently. An abridged version of a story explaining why our system has suddenly become so fragile was broadcast by All Things Considered earlier this week, and a fuller version of the show will be broadcast on This American Life later this week as Another Frightening Show About the Economy.

These shows should be mandatory listening for anyone who even thinks about calling their congressional representative to complain about the bailout package.

Disgusted with Congress and Jay Inslee

I was disappointed and disgusted with the failure of the House to pass the bailout bill. The House vote this afternoon represented a complete failure of leadership and courage. The folks in Congress are way too well educated to fail to understand what this means. They all know that passing this bill, or one very much like it, is critical to the recovery of the American economy. There's no real debate about that. The reason they didn't pass it is because it's unpopular, and an election is coming up.

This bill is a pretty good bill. I doubt that it's perfect, but the final, negotiated version addressed all of my initial concerns. It doesn't allow for huge golden parachutes. It's going to make the companies that messed up feel quite a bit of pain. It has the potential for a real upside: there's no way that it will actually cost taxpayers $700 billion, and there's even a small but real chance that taxpayers could turn a profit when all is said and done. At the same time, if we don't pass some sort of a rescue package, I think we could be looking not just at a recession, but at a second Great Depression.

Everyone knows exactly why the House voted this down: as necessary as it is, it's unpopular, primarily with people who don't understand what's going on. I've heard that voter sentiment – amongst folks that contact their representatives – is running something like 100:1 against the bailout. But the only way that can be the case is if people badly, badly misunderstand this crisis: both the nature of their own involvement and responsibility, and what will happen to them and the American economy if Congress doesn't act. In other words, our representatives know that they should approve this, but they also know that it puts their careers at risk. That's an admittedly tough moral choice, but there's no debate about what they should do.

I've never particularly cared for Jay Inslee, but the news today that he helped vote this proposal down has solidified my discontent, and I'll be voting for Larry Ishmael come November. Honestly, I don't know anything about him (except that his web site is a tad amateurish), but he's got to be better than Inslee.

I suppose we all know that between 1919 and 1939, people talked about "the Great War", not "the First World War", because there had been just one. I don't want the period between 1929 and 1941 to be known as "the First Depression". But if it does, Congress, and Jay Inslee among them, should be held morally responsible. Almost no-one on Wall Street knew what they were doing when they brought this on: but Congress knows exactly what this latest vote means for America.

Friday, September 26, 2008

Main Street vs. Wall Street

There's been a lot of talk over the last week or so – or more – about how "Wall Street" has enjoyed themselves at the expense of "Main Street". To pick just two examples, Time Magazine's cover article last week was "How Wall Street Sold Out America"; and MSNBC currently has a good long story about all the people who are upset about the bailout plan.

I agree that there's a great deal of criticism that can rightly be leveled at the "greed is good" culture of Wall Street.

I have no desire to see my tax dollars go to fund $20MM golden parachutes for executives who've led their companies into financial ruin.

At the same time, we should all remember that these days, for all practical purposes, Wall Street is Main Street. Wall Street manages Main Street's 401k plans, its pension and retirement benefits, its mutual funds. Almost everybody I know owns stock in some company or another, or has a mortgage, or some sort of investment portfolio, and we complain if we pay more than 6% for our mortgage, or get less than 10% annual return on our stocks. Back in the late 90's, folks who weren't anybody in particular wanted to be day traders, or were, and made tons of money at it. And three years ago, almost everyone I knew was investing in real estate.

It's easy to point fingers at other people who were greedy and wanted to play the system – but we should all remember that we're the greedy bastards who wanted to play the system too. Of course, nobody on Main Street really understood what was happening or what really made the market keep going up and up, but then, neither did anyone on Wall Street. All we knew was that we each wanted a piece of the action. It's a motive at least as old as the 1637 crash of the Holland Tulip Bulb craze, and ten or twenty years from now, we're going to do it again. As the folks on Investopedia put it, "most market volatility is all our fault." That would be the case now as well.

As a result, I don't have a lot of sympathy with folks who argue against any sort of bailout on the basis that it puts taxpayers on the hook for someone else's excess. People don't realize that it's their money, and their financial system, which is at risk, and that a pretty good case can be made that it's their own excesses which are responsible for the risky state we're in. Paulson's response to the questions he was getting about taxpayers being on the hook was exactly right. It's not terribly good politics to point out how pretty much everyone in the country is at fault in this crisis, but it's the truth.

Tuesday, September 23, 2008

Appalled at the Bigotry and Narrow-mindedness

Robert Jamieson, a columnist for the local Seattle PI, posted an op-ed piece recently which lumped three different churches together in an astonishing exhibit of ignorance and a frightening display of prejudice.

One of Jamieson's critiques was well taken: he correctly identifies the folks out of the Westboro Baptist Church in Kansas as "psychotic". In reality, they should be classified alongside the KKK. (And the media should do a better job of noting that this church claims the name "Baptist" without the slightest sanction from any actual Baptist denomination.)

It was therefore astonishing when Jamieson lumped two popular local churches, Mars Hill and Cedar Park Assembly of God, in with this bizarre, right-wing hate group. Mars Hill came in for criticism because they hosted a speaker named Tedd Tripp, an advocate of corporal punishment; Cedar Park (and their pastor, Joe Fuiten) was taken to task for opposing gay marriage. These positions earned Mars Hill and Cedar Park the epithets of "evangelical extremism," "zealots", "right-leaning theocracy", "biblical arrogance", and "kookiness".

Now, I should start off by saying that I disagree with at least some of what these churches teach: I've been to services at both, and each is considerably more conservative on these issues (and others) than I am. There are absolutely things that I'd be happy to argue about with both Joe Fuiten (a somewhat distant relation of mine) and Mark Driscoll. I don't typically share Joe's unapologetic conservative viewpoint, and some of Mark Driscoll's ideas are, in fact, just a bit strange.

But the political and cultural views these two churches espouse, however unpopular in today's culture, were every bit a part of mainstream Christian values, and indeed, mainstream American society, until very, very recently. When I was born in 1968, only a tiny fringe on the very far left believed that homosexuality was a legitimate lifestyle, or that children were too fragile to be subjected to physical discipline. None of the signatories of the Declaration of Independence would have objected to the idea that children should be spanked. None of the authors of our Constitution would have found anything objectionable in the idea that marriage should be restricted to a man and a woman. And yet somehow, nobody accuses Thomas Jefferson of founding a theocracy, or George Washington of right-wing kookiness.

It may be pointed out that many of these same notables were also OK with owning slaves, and I'll grant that this is a permanent stain (but for the blood of Christ) on every Christian who so argued and so believed. But it was also the "zealots" of "evangelical extremism" who fought to outlaw the slave trade in England, to abolish slavery in the United States, and to remove poverty and degradation throughout the US. George Marsden records of the 19th century American evangelicals, the forerunners of today's fundamentalists, that "their record of Christian social service, in an era when social reform was not popular, was as impressive as that of almost any group in the country."

As a result, it frankly goes beyond worrisome and moves into the realm of frightening when mainstream columnists start equating these traditional opinions with "Islamic fundamentalism" and right-wing hate groups. Apart from the sheer bizarreness of this claim, I think it's significantly problematic for two reasons.

The first is that when we marginalize these traditional positions, we separate ourselves from the great tradition of liberation out of which modern society has emerged, and we deprive ourselves of the very resources on which we depend for our great freedoms. "Liberation", of course, is the great mythology of modern society, the overarching meta-narrative which provides our default interpretation of every event and social movement. And like every cultural mythology, it needs to meet a certain baselines of accuracy to provide convincing interpretations. Constitutional monarchy really was an advance over absolute monarchy, and so likewise democracy. Women should have been granted the vote long before they were, and it was an appalling betrayal of our political ideals that America was able to live so long as "a house divided, half slave and half free". But this very tradition of liberation was founded on "the laws of nature and of nature's God," in Thomas Jefferson's phrase. Slavery was wrong in the 19th century, and segregation was wrong in the 20th, because these practices violated the imago dei. It's the divine imperative that we treat every human being with love and respect because we can see God reflected in every human being. But this same moral tradition that silently undergirds our mythology of liberation has other elements which our modern society would just as soon not hear. The same account of creation which provides the only real rationale for human rights, establishes certain other creational norms around the roles of male and female, and it's these creational norms to which Joe Fuiten appeals when he says that "homosexuality is a sin" and that "a sin ought not to be given social sanction or social blessing".

As C. S. Lewis wrote in The Abolition of Man (a book to which I seem to return, again and again):

[These] 'ideologies' all consist of fragments from the Tao itself, arbitrarily wrenched from their context in the whole and then swollen to madness in their isolation, yet still owing to the Tao and to it alone such validity as they possess. If my duty to my parents is a superstition, then so is my duty to posterity. If justice is a superstition, then so is my duty to my country or my race. If the pursuit of scientific knowledge is a real value, then so is conjugal fidelity.

And I might add, if I believe the great tradition of human morality when it tells me that I should love my neighbor as myself, I should believe it when it adds that there's one way to love my wife and a very different way to love my friends.

The second reason I find Jamieson's piece so disturbing is that it seems to reflect a larger cultural movement which objects to any sort of public religion on principle. One of the comments on Jamieson's post (#556610) said:

I am mortally tired of being accosted in parking lots, in my home, and in the media with prosyletizing "Christians" peddling their own favorite version of how I should "believe" and how I will go to hell if I don't comply with their beliefs. I have no issue with people quietly living according to their own religious beliefs but I have a major issue with this kind of invasive and destruction intrusion into the lives of other people, assaulting their personal religious beliefs and behaviors. A true "Christian" engages in actions of a benevolent nature focusing on the provision of meeting the physical needs of those who are in dire straits...working to serve others in a way that provides a positive example of "Christian" behaviors. That so many choose to spend their time castigating others and attempting to "spread the word", about the "right way to believe" and the dire consequences of not complying with the beliefs of their sect, is absolutely contrary to any historical Christian foundation. Christianity is not a religious belief system for the sake of religion...it is the integrity and kindness demonstrated when one leads their life by emulating the encompassing love of fellow man.

I hear this claim so often, and it underlies so much of what we hear in the media, that I think it can be taken as the accepted, conventional wisdom. Now, I'm aware that it's not entirely clear how religious positions should be argued within a public sphere that is officially neutral when it comes to matters of religion; my friend Nick Adams just wrote a whole book on Habermas' (only partially successful) attempts to provide such a framework. But I do know that any position – like Jamieson's, or that reflected in this comment – which holds that religions should speak only when they can offer opinions already blessed by the reigning cultural consensus, should be absolutely unacceptable to any serious adherent of any serious religion. Religious speech necessarily claims to concern the nature of reality itself, and the insistence that religion should remain a purely private matter is a betrayal of this fundamental claim.

Thursday, September 18, 2008

The Nicomachean Ethics (First Impressions)

As part of my reintroduction to academic life, I'm going to take a class at the UW this quarter on Aristotle's Nicomachean Ethics. The class hasn't started yet, and I'm not even sure if I'll be able to get in, as I'm a non-matriculated student and they get bumped to the end of the line. Still, I figured that no time spent reading Aristotle is wasted, so I picked up the Loeb edition off of Amazon, and it arrived yesterday. After Caedmon went to bed last night, I spent most of the evening reading.

It's really my first time trying to read classical (Attic) Greek, and as you'd expect, it's slow going, even with Rackham's English translation sitting on the right-hand side of every page. Aristotle's vocabulary differs significantly from the New Testament, and forms like the optative, which have almost no representation in the New Testament, show up on every page. In addition, Aristotle is very compact. Most of the time, Rackham's translation is almost more of a paraphrase – it makes specific interpretational decision by specifying subjects and objects which are merely implied in the original. For instance, at one point, Aristotle writes "εἰ δὲ πλείω, ταῦτα" (1097a), literally, "but if multiple, these". Rackham expands those four words to fifteen: "or if there be several such ends, the sum of these will be the Good."

Rackham's work represents a great deal of scholarship and study, and for a translation made in 1923, it's surprisingly easy to read. But to my surprise, there were occasions when I found the Greek easier, or at least, significantly illuminating. For instance, Rackham has a particularly dense translation of 1096a.20:

But Good is predicated alike in the Categories of Substance, of Quality, and of Relation; yet the Absolute, or Substance, is prior in nature to the Relative, which seems to be a sort of offshoot or 'accident' of Substance; so that there cannot be a common Idea corresponding to the absolutely good and the relatively good.

All the talk about "categories" of "substance", "quality" and "relation" are technical philosophical terms, and if you're not familiar with the whole history of discussion about these things, it's not entirely clear what they are. But Aristotle doesn't actually use these technical terms:

τὸ δ᾽ ἀγαθὸν λέγεται καὶ ἐν τῷ τί ἐστι καὶ ἐν τῷ ποιῷ καὶ ἐν τῷ πρός τι, τὸ δὲ καθ᾽ αὑτὸ καὶ ἡ οὐσία πρότερον τῇ φύσει τοῦ πρός τι (παραφυάδι γὰρ τοῦτ᾽ ἔοικε καὶ συμβεβηκότι τοῦ ὄντος): ὥστ᾽ οὐκ ἂν εἴη κοινή τις ἐπὶ τούτοις ἰδέα.

A less philosophical but equally faithful translation might read:

But people use the word 'good' both when they're referring to what something is, what sort of thing it is, and what it's connected with. (Of course, the fact that something exists is prior to what it's connected to – something has a connection to other things only after it already exists.) But the net result is that there's no common idea sitting behind all these different ways we use the word 'good'.

My guess is that there's a medieval Latin translation of Aristotle lurking somewhere in the back of Rackham's mind, which keeps whispering words like substantia to him every other sentence or so.

Monday, September 15, 2008

When the Mom’s Away

Galena is down in San Diego for most of this week, visiting a friend who's normally in Abu Dhabi these days. So Caedmon and I are taking the chance to explore those little aspects of life that don't receive quite enough attention under a maternal regime. I anticipate that dirt and creeks will feature prominently in this exploration.

From Caedmon - 13 Months
From Caedmon - 13 Months
From Caedmon - 13 Months
From Caedmon - 13 Months

Friday, September 12, 2008

Tuck and Robin Lakes

Todd Keller and I spent four days up at Robin Lakes this week. I don't think we could have asked for a more perfect trip. It was late enough in the season that we were practically alone in the Robin Lakes valley (we briefly saw two other parties), but the weather was absolutely perfect: a few clouds on Tuesday, but only sunshine every other day.

The approach was pretty tough: it was a little over 8 miles in from the trailhead, with nearly all of the 3000 foot elevation gain coming in the last three miles. The trail at times wasn't much more than a few cairns marking the easiest route through a third class scramble.

From Robin Lakes

But once we were up there, no photographer could have asked for a more "target rich environment" (as Todd put it).

From Robin Lakes
From Robin Lakes

From Robin Lakes

From Robin Lakes

From Robin Lakes

The flowers had mostly finished blooming (some daisies and lupine aside), but the fall colors had begun to make their appearance, with predictable beauty.

From Robin Lakes

From Robin Lakes

From Robin Lakes

From Robin Lakes

From Robin Lakes

From Robin Lakes

The best photography of the trip, though, came when one of the goats that frequent the valley practically invaded our campsite.

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From Robin Lakes

From Robin Lakes

From Robin Lakes

From Robin Lakes

From Robin Lakes

From Robin Lakes

From Robin Lakes

From Robin Lakes

We spent most our time in the valley climbing some of the surrounding peaks.

From Robin Lakes

From Robin Lakes

From Robin Lakes

From Robin Lakes

More pictures here.

Wednesday, September 3, 2008

Southern Oregon

Galena and I just got back from a trip to Southern Oregon, where we celebrated my 40th birthday with family of various stripes. (For those who don't know, the "blood" members of my family are pretty badly outnumbered by those who have joined through marriage, adoption, foster relationships, or just assimilation, i.e., they've hung around for so long that my parents finally put 'em in their will.)

We spent time hiking, horseback riding, exploring, working, and mostly talking.  My birthday isn't for a few more days, but it was a great way to celebrate the beginning of my fifth decade on this planet.

I've posted the full selection of pictures here, but a selection of the selection follow:

From Southern Oregon (September 2008)

From Southern Oregon (September 2008)
From Southern Oregon (September 2008)
From Southern Oregon (September 2008)
From Southern Oregon (September 2008)
From Southern Oregon (September 2008)
From Southern Oregon (September 2008)
From Southern Oregon (September 2008)
From Southern Oregon (September 2008)
 

One thing I messed up on was not getting any pictures of my Grandpa, especially with Caedmon. We did have a long conversation about my grandfather's trip down the Salmon River in 1932/3, supplemented by the satellite photography from Google Maps: View Larger Map